Federal Judge Deems XRP Sold on Exchanges Not a Security in Landmark Ruling — In a significant legal victory for Ripple Labs and the XRP community, a federal judge ruled that XRP sold on exchanges is not considered a security, following a case brought by the SEC against the cryptocurrency developer. Based on the Howey Test, the ruling determined that the “programmatic sales” of XRP on secondary markets do not qualify as sales of unregistered securities. However, the judge highlighted that the sale of XRP to institutional investors did constitute an unregistered securities sale, pointing to lockup periods for institutional buyers as evidence. Since the court decision, XRP has surged by 60%, signaling investor confidence in the token’s regulatory status. Similarly, other tokens involved in SEC lawsuits, such as Solana (SOL) and Polygon (MATIC), have also experienced significant rallies of 30% and 20% for the week, showcasing the broader positive impact of the ruling on the crypto market. Read Bitrue’s statement here.
Ribbon Finance Unveils Proposal for Innovative Derivatives Platform Merger — Ribbon Finance (RBN), a prominent Defi Options Vaults (DOV) protocol, made an exciting announcement on Wednesday, revealing a well-received governance proposal that aims to merge Ribbon Finance with Aevo, forming a comprehensive on-chain derivatives trading platform. The proposed platform is set to encompass a wide range of offerings, including exchange-traded options, perpetual over-the-counter (OTC) derivative contracts, and various structured products such as passive vaults and active solutions. To facilitate the merger, RBN token holders can migrate their holdings to the new AEVO token at a 1:1 exchange rate, with the new tokens governing the protocol. In response to this development, the market showed enthusiasm, driving the price of RBN to rally by over 15% since the beginning of the week, highlighting the positive sentiment surrounding the proposal and its potential impact on the DeFi landscape.
Bitcoin Escapes Range-Bound Trading, Surpasses $31k USD After Favorable Court Ruling — Bitcoin (BTC) displayed a range-bound price pattern throughout the early part of the week until it finally broke through the long-standing resistance at $31,000 USD following a positive court ruling in favor of Ripple. The cryptocurrency experienced a rally leading up to the release of favorable Consumer Price Index (CPI) data on Wednesday but struggled to surpass the $31k USD resistance earlier in the week. BTC faced downward pressure later on Wednesday, dipping to $30,200 USD after news emerged that government-controlled wallets had moved over 9,825 BTC in connection to the seized BTC linked to Silk Road. However, the market sentiment improved as a federal court judge ruled that the sale of XRP on exchanges is not classified as a security, propelling BTC above the $31k USD mark on Thursday.
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In another edition of Bitrue’s Twitter Spaces “Ask Me Anything” session, we have invited a guest who previously also shared some insights with us earlier this year, Digital Bits. Their freshly minted community manager, George Radcliffe, is speaking with us in this session. Read more about the AMA here.
Bitrue is pleased to announce that in collaboration with Digital Bits to reward our community, 20 winners may stand a chance to share an airdrop of 2,2000,000 $XDB. For more details, see here.
